Atlanta Condos For Sale

Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays

by

Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays

Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays | MyKCM

Each year, homeowners planning to make a move are faced with a decision: sell their house during the holidays or wait. And others who have already listed their homes may think about removing their listings and waiting until the new year to go back on the market.

The truth is many buyers want to purchase a home for the holidays, and your house might be just what they’re looking for. Here are five great reasons you shouldn’t wait to sell your house.

1. While the supply of homes for sale has increased this year, there still aren’t enough homes on the market to keep up with buyer demand. As Nadia Evangelou, Senior Economist & Director of Forecasting at the National Association of Realtors (NAR), explains:

“There’s still this gap between demand and supply because we were underbuilding for many years. . . . So now we see demand is slowing, but it still outpaces supply.”

2. Serious homebuyers are out looking right now. Millennials are driving homebuying demand today, and many are eager to make a purchase. Mark Fleming, Chief Economist at First American, explains:

“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”

3. The desire to own a home doesn’t stop during the holidays. In fact, homes decorated for the holidays appeal to many buyers. Plus, purchasers who look for homes during the holidays are ready to buy.

4. You can restrict the showings in your house to days and times that are most convenient for you. That can help you minimize disruptions, which is especially important this time of year.

5. Rents have skyrocketed in recent years. And, many buyers are looking to escape rising rents and avoid falling into the rental trap for another year. As an article from Zillow says:

“Over the next 12 months, rents are expected to grow more than inflation, the stock market and home values.”

Your home could be their ticket to leaving renting behind for good.

Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays!!

Bottom Line

There are still many reasons it makes sense to list your house during the holiday season. Let’s connect to determine if selling now is your best move.

Why Is My Home Not Being Shown Multiple Times Per Week?

by

Why Is My Home Not Being Shown Multiple Times Per Week?

As I have daily conversations with my Seller’s, as well as speak with other real estate professionals, and it is a continuing education class for Seller’s in the current market. Long gone are the multiple offers, offers over list price and no contingencies. In fact, gone are multiple showings in a day!

When Seller’s ask me, “Why is my home not being shown multiple times per week?” I have to remind and educate them that the real estate market in Atlanta (and pretty much every city from people I talk to) has made a dramatic shift. It’s not that Buyer’s don’t want to buy a home…it’s that many Buyers have been priced out of the market completely by the sharp rise in interest rates. 

This dramatic rise in interest rates can do a number of things to a buyer: 1) They can no longer afford the mortgage payment on the price point they were looking; 2) They are having to look at less expensive homes to meet their mortgage budget (hence not looking at yours?) or; 3) have left the market completely.  Other buyers, while they may still be able to afford the payment at a higher interest rate, have chosen to move to the sidelines while they see what happens to the economy.

The increase in interest rates is directly related to the number of times your home is being shown. And unless you have priced it below market value….yes…I said BELOW market value, it may be on the market for sometime before it sells. While we certainly have not shifted 100% from a crazy Seller’s market where we were last year or even at the beginning of this year, Buyers are looking for homes that the Seller is showing their willingness to price it such that it is a great value to the buyer.

As a listing agent, I can work to market your home in numerous ways. If your home is vacant, we can increase the amount of virtual staging we do in each room to help show the home in a better way. We reach out to agents in our marketplace that we know list and sell homes in the area to confirm they have seen your listing, and if they have any buyers that might be interested. But even with these efforts, when you have a reduced buyer pool to draw from, it’s going to take more than 3 days to sell your home. It is now quite common to see homes on the market for 60-90 days and even longer. 

Some Seller’s are showing their frustration by taking their home off the market. I had one Seller say, ” I’ll put it back on after the holidays when the market has improved.” Well, I don’t have THAT crystal ball, but if there are buyers out during the holidays, they most likely are strong buyers that ARE qualified, and you could miss that opportunity. 

I can talk to you and tell you about the market, but numbers don’t lie….as this statement about the volume of mortgages clearly says:

 

 

12 Tips For Selling Your Home or Condominium

by

12 Tips For Selling Your Home or Condominium

Awesome! You’ve decided it’s time to move on up, or move on out! Whether you are just moving to a new home elsewhere in Atlanta, or moving to another city, we now have ONE GOAL in mind. Get your home or condominium SOLD! And while you hire me to market your home, there are certainly MANY things that you can, and should do to help get us to the celebration! (We use to call it a closing….now it’s a CELEBRATION! 

Let’s look at 12 Tips for Selling Your Home or Condominium…

  1. Selling Tips for your HomeCheck What I’m Doing to Market Your Home!— Since probably 90% or more of homebuyers START their shopping online, they may never set foot in your home or condo if they don’t like what they see on line. I used to post several times a week on Facebook, as series called PRICELESS Listing Photos….and you would be amazed that these pictures come from actual listings. I decided NOT to call out the others in my industry for their lack of professionalism, so I don’t publish them anymore.  I mean, these are the pictures I have seen attached to an actual listing that an agent is marketing!!! Just look at this one! When I market your home, once marketing is up and in place, I will send you links to where you can find your listing. If you see a photo that you don’t think shows your home in the best way, we change it.
  2. Write a Love Letter about Living Here — Does this sound silly? Well, a nicely written letter from you to prospective buyers that are touring your home or condo can mean a lot to someone else. Tell how much you loved your Saturday morning walks up and down Peachtree Street with your Starbuck’s coffee in hand….or watching the kids play in the backyard, or the peaceful setting you’ve created to slip away from a crazy week….help a buyer LOVE what you LOVE about your home. We don’t advise this when you are submitting an offer on a property….but it can help a Buyer see what life might be like! 
  3. Facebook Your Friends — Don’t knock it….Facebook is where many people are today. We use it constantly to post real estate updates, neighborhood information and YOUR LISTING!  We’ll send you links to our custom website built for your home, and you can inturn share that with your friends. Remember, then their friends see it and their friends and so on….and get your friends to comment on it….the more activity it sees, the more it gets seen. (Facebook has some pretty complex behind-the-scene algorithms to make things show up!)
  4. Neighbors Like Neighbors — You have to admit, you like having great neighbors. What could be more fun than your friends down the street or the hall know they could now have THEIR friends for way out OTP be close by?? Back to Facebook, if your neighborhood has a page, or Nextdoor, consider getting the word out there.
  5. Seller Tips To Sell Your HomeCondition, Condition, Condition — I’m sure you’ve heard that phrase, but with the word location. While that is true too, the condition of your home or condominium will have much to do with how many showings and ultimately…the price you sell for! If you have a single family home, consider having an inspection done, just like the Buyer would. Find all those little things — and even the major ones — and address them NOW, rather than during a due diligence period once you are Under Contract! It will make the process much easier for everyone, and you won’t have a Buyer asking your for hundreds or thousands of dollars in repairs or off the contract price as a concession. If you have not painted your home or condo in 3 years or more….I have one word for you…..PAINT! It will do wonders for how your home shows, and will cover up those nicks and scrapes of your years living there. Remember, condition, condition, condition…..
  6. Leaving Something Behind — Now I’m not suggesting you leave your personal belongings or a family heirloom, but if there is something unique in your home or condo that really just may not fit where you are going…consider leaving it for the next owner! Maybe you had custom blinds or drapes made….patio furniture that from your house, won’t fit on that condo balcony. If it’s in great shape, consider leaving it behind as way to distinguish your home from others that may be for sale.
  7. Tips to show your home for saleShowings made Simple — Nothing can be more frustrating to a Buyer’s agent, and a potential Buyer than having a hard time seeing your home. If your home does not get shown, it’s not going to be SOLD! If you can avoid things like “Shown By Appointment Only” or “Must have 24 Hours Notice” it will help in marketing your home. Ok, we understand you have a life to live. But go back and read Paragraph One and what our GOAL is….to get your home SOLD! And we understand pets, and kids and all that. But let’s make showing your home or condo simple. We use an automated system on our side that helps us manage and confirm showings quickly. We can put specific showing instructions on the approval as well. But you want to have your home available…and yes, there may be showings that happen short term  – like within a few hours. That could be YOUR Buyer!
  8. Stage the Exterior — Of course this mostly applies to a single family home. Keep your yard mowed weekly. Driveway and front entrance blown/swept off. When the agent is at your front door, opening the key box and the door, the Buyers have time to look. And look. Give them nice pots of flowers and well mulched landscape beds to look at. If you live in a condo, this can be very much out of your control. But, if you see something in your lobby that needs attention, mention it to your Property/Association Manager.
  9. Proper Pricing Makes for a Prompt Celebration — Of course you want to get the most money you can when you sell your home or condo. And we often follow the idea of if the last one sold for $x, we want to get $xx. Well, that can work FOR, or AGAINST you. You’ve priced ABOVE the last sale, so there could be an appraisal issue. Or that mindset of “room for negotiation.” How about this….price your home BELOW the last sale! This makes it look like a great deal, and these are the ones that get the most visits from Buyers and may even generate multiple offers for your home. And remember, however you price it, if your home sits on the market, it quickly becomes “stale.” When your agent talks to you about a price adjustment….listen.
  10. Personal belongs in the Storage unit — Remember, your HOME is now a HOUSE you are trying to sell. You will take your memories with you, but the new Buyer is trying to imagine making their OWN memories in this space. They can’t do that if you have family photos all down the hallway, or all your golf trophies on display. You are going to have to pack to move…just get started early. And while we are packing the personal….
  11. Selling your home or condoDe-Clutter! — keep on packing! If it’s summer time – pack away the winter sweaters and coats and open up the closets! Pack up all your tchotchkes that are on tables, shelves, the kitchen counter. Make the space open and inviting. Buyers want to see how much closet space there is…and if you don’t have a lot in a condo, making it LOOK like you have lots of storage space is important!
  12. Competition for YOUR Celebration — If your same floor plan is For Sale a few floors up, or down, it’s going to come down to condition and price. And if your competition looks better than you, your Celebration is going to be delayed as they make an offer and move on your competition because it looked and showed better than yours. I’m more than happy to take YOU, as a Seller out and show you some of the very homes or condos YOUR potential Buyers could see. Then you know if you are in first place, or if you have some more work to do!

Let’s get your Celebration ready!

Don’t Be Afraid of Today’s Housing Market

by

Don’t be afraid of Today’s housing market! Just think, there is a good potential that interest rates may go even higher than they currently are! So buying now, you could lock in a lower rate than might be around in say, 3 or 4 months. And with the equity that you have in buying a home (let’s make sure you don’t overpay…and that market has cooled enough to help us with THAT goal) you can look to refinance your mortgage when interest rates come down in the future. 

Of course, every person’s situation is different. We might even tell you that it does not make sense for you to buy a home right now. But, let’s sit down and talk and see what your options may be!!

 

 

If you would like to know more about the home buying process ….perhaps you are new to Georgia and the real estate buying process DOES differ from state to state …. check out our Atlanta Real Estate Buyers Guide. And if you still have questions….well that’s what we are here for! 

Should You Still Buy a Home with the Latest News About Inflation?

by

Should You Still Buy a Home with the Latest News About Inflation?

Should You Still Buy a Home with the Latest News About Inflation? | MyKCM

While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still high, remaining around 8%. This news impacted the stock market and added fuel to the fire for conversations about a recession.

You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. The pinch it’s creating on your wallet and the looming economic uncertainty may leave you wondering: “should I still buy a home right now?” If that question is top of mind for you, here’s what you need to know.

Homeownership Is Historically a Great Hedge Against Inflation

In an inflationary economy, prices rise across the board. Historically, homeownership is a great hedge against those rising costs because you can lock in what’s likely your largest monthly payment (your mortgage) for the duration of your loan. That helps stabilize some of your monthly expenses. James Royal, Senior Wealth Management Reporter at Bankrate, explains:

“A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same.”

And with rents being as high as they are, the ability to stabilize your monthly payments and protect yourself from future rent hikes may be even more important. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains what happened to rents in the latest inflation report:

“Inflation refuses to budge. In September, consumer prices rose by 8.2%. Rents rose by 7.2%, the highest pace in 40 years.”

When you rent, your monthly payment is determined by your lease, which typically renews on an annual basis. With inflation high, your landlord may be more likely to increase your payments to offset the impact of inflation. That may be part of the reason why a survey from realtor.com shows 72% of landlords said they plan to raise the rent on one or more of their properties in the next year.

Becoming a homeowner, if you’re ready and able to do so, can provide lasting stability and a reliable shelter in times of economic uncertainty.

If you are new to the home buying process, check out our Intown Atlanta Real Estate Buyers Guide!

Bottom Line

The best hedge against inflation is a fixed housing cost. If you’re ready to learn more and start your journey to homeownership, let’s connect.

Buyers: You May Face Less Competition as Bidding Wars Ease

by

Buyers: You May Face Less Competition as Bidding Wars Ease

Buyers: You May Face Less Competition as Bidding Wars Ease | MyKCM

Buyers, you may face less competition as bidding wars ease, and we also see an increase in inventory in various locations in Atlanta! One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove home prices up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way.

But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year.

According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined considerably over the past few months (see graph below):

Buyers: You May Face Less Competition as Bidding Wars Ease | MyKCM

The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply of homes on the market. Essentially, more choices for buyers. These stats are on a national level…locally in Atlanta, we are still seeing multiple offers on choice properties, but we are also seeing the return of financing contingencies, due diligence periods and even Seller paid closing costs. 

What This Means for You

If you put your home search on pause because you were outbid last year or because you didn’t want to deal with the peak intensity of bidding wars, you can breathe a welcome sigh of relief. While it’s still a sellers’ market, an uptick in inventory gives you a window of opportunity to jump back in. You may still be competing with some buyers, but it likely won’t be anything like it was just a few short months ago.

Bottom Line

If you put your plans on pause because of intense bidding wars in recent years (or months), it may be time to kick off your home search. Today, bidding wars are easing and that may mean less competition for you as a buyer. If you’re serious about buying a home or making a move, let’s connect to get started today.

If you are a first-time home buyer, we are ready to help you! Check out our Buyer’s Guide…a series of articles that will walk you through the home buying process. And of course, we will be there every step of the way with you! Give us a call and let’s talk about your home buying needs! 

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

HomeSmart